According to Nael Bhai, copper may get caught in the tariff war. Many traders believe that after the announcement of 25% tariff on aluminium and steel, US President Trump has his eyes on copper, if this happens then copper may go above 900 on MCX.
- Silver softens ahead of US CPI report
- Gold takes a breather after record run on trade war fears
- Volatility in gold and silver prices will continue this week
- Protected: Weekly Commodity Technical Analysis and Forecast 10 To 14 January 2025
- Gold nears all-time high as Trump’s tariff threats boost safe-haven demand
MCX Copper Jackpot Premium Call
Base metal prices
Base metal prices are mixed, with LME three-month copper up 1.1% at $9,459 a metric ton and LME three-month aluminum down 0.6% at $2,623.50 a ton. President Trump’s planned 25% tariffs on all steel and aluminum products have already widened the Midwest premium U.S. buyers have to pay over LME prices.
The latest LME commitment of traders report shows investors increased their net bullish position in copper by 5,224 lots for a sixth consecutive week to 73,763 lots for the week ended Feb. 7–the highest net long position since the beginning of November, ING analysts say in a note. In aluminum, speculators raised net bullish bets by 2,109 lots to 119,588 lots over the last reporting week. This was the highest bullish bet since mid-November, ING adds.
